You are here: Home - News -

Brokers’ concerns revealed over

by:
  • 10/02/2003
  • 0
Brokers are becoming increasingly concerned with regulation, according to the annual survey of mortg...

Brokers are becoming increasingly concerned with regulation, according to the annual survey of mortgage intermediaries carried out by network, Bankhall.

The Points of You study found 62% of advisers believe compliance will be key to survival post-Mortgage Day, with just 38% expecting that securing the best commissions would be enough to allow them to continue.

Shaun Godfrey, sales director of Bankhall, said: ‘The fact that compliance is seen as a central business issue is borne out by the level of disagreement that finding the best deal for clients is the way to ensure survival. This highlights a realisation among intermediaries that a shift in emphasis is needed in light of an imminent increase in regulatory requirements. How intermediaries cope with this shift will be key to their survival. It will be a challenge for many, particularly small and medium-sized players, to juggle regulatory requirements with managing and building their client base.’

Regulatory concerns are already high on the agenda of many brokers as three-quarters ‘ said compliance costs were already high, and 87% thought costs would increase further over 2003 ‘ an increase of 11% on last year.

Furthermore, 97% expect the costs of compliance to increase under the Financial Services Authority, with 38% feeling under-prepared for statutory regulation.

Godfrey added: ‘With 38% of intermediaries saying they would like to be more prepared for new regulation, more work needs to be done in 2003.’


Tags

There are 0 Comment(s)

You may also be interested in

Business Skills

In this section, we offer short ‘how to’ guides on harder to crack areas of business. From social media, to regulation or niche product areas, we cover it all.

Profiles

Our journalists interview key industry entrepreneurs, strategists and commentators for day-to-day market insight and a strategic view of where the industry is heading. We offer lessons for success and explore the opportunities for your business

Success in Practice

Here, we share case studies fleshing out best practice to help you decide what could work for your business. Take a look at how others approached complex tasks like launching a new mortgage lender, advising on a new product area or deciding to specialise in another. Learn from others mistakes and triumphs.

Marketwatch

Each week, we ask top mortgage and property commentators with a unique perspective to examine a key news headline, market move or regulatory or political issue.

Poll

Vote in our weekly poll here. It’s your chance to tell us what you think and be heard on the top news stories of the week. Review our archive to find out what your industry really thinks and all our coverage of the results.

Top Comments

Be part of the conversation on Mortgage Solutions. We want to hear from you. We have a tool called Disqus to tell us which stories get the most comments each week. Every Friday, the team picks the most thoughtful or opinionated contributions from our readers to enjoy again. Don’t forget to share your favourite stories from the site on social media to keep the conversation going.
Read previous post:
Network chooses portal for its members

IFA network, The Tenet Group, has selected The Exchange's Officeweb and Exweb portal to be integrate...

Close